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Venture Capital News: ClassPass Raises $12M in Series A

2014-09-17
NEW YORK, NY, Leading website for discovering and booking fitness classes online, today announced the close of a $12 million Series A round of funding.
ClassPass Inc., the leading website for discovering and booking fitness classes online, today announced the close of a $12 million Series A round of funding, led by angel investors Fritz Lanman and Hank Vigil.

ClassPass will leverage this new round of financing to expand into additional markets and to launch new product features, including a soon-to-debut mobile app. Investors from the company's March 2014 seed financing also contributed to this round, and include David Tisch, Kal Vepuri, and Shana Fisher.

Launched in June 2013, ClassPass has quickly become the way to discover and schedule classes at boutique fitness studios. Intended to be a replacement to the traditional gym membership, ClassPass allows users to book as many fitness classes as they'd like for just $99 a month.

'There are so many hurdles to working out and the gym model has been broken for years,' says CEO and Co-Founder Payal Kadakia. 'Our mission is to make the workout experience as frictionless as possible so people can lead active, happy, and healthy lifestyles.'

Since January 2014 alone, ClassPass users have booked over 500,000 classes on the platform, for everything ranging from cycling, fitness boot camps, yoga, martial arts, Zumba, and dance. ClassPass partners with the best fitness studios in each city, including national brands like Flywheel, Exhale, Pure Barre, Orange Theory, and Core Power Yoga.

'We're a marketing engine for these studios,' Payal says. 'Many of them struggle to fill their excess capacity, and ClassPass helps send them customers who otherwise would never have made it in the door. And, the consumer benefits because variety is key in fitness.'

For this round of funding, ClassPass decided to partner primarily with existing angel investors rather than bring on new ones. 'We are incredibly excited to further collaborate with ClassPass in their mission to revolutionize fitness. They are on their way to becoming the next great success story in tech, as they are improving people's lives and have become a sustaining force for the boutique fitness market as well,' says investor Fritz Lanman.

In addition to Lanman, an early backer of Square and Pinterest who also led ClassPass's seed round, other notable investors to date include micro VC firm SV Angel, Gordy Crawford, Owen van Natta, and Blake Krikorian.

About ClassPass
ClassPass is a membership program for fitness classes across multiple gyms and studios, making working out more accessible. Since launching in 2013, ClassPass has facilitated over 500,000 reservations at thousands of different classes in New York, Boston, Los Angeles, San Francisco, and Chicago. For more information about ClassPass, please visit classpass.com.
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